Daily Technical Analysis for EURUSD as at 6th September 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
EURUSD is this morning trading higher from the open after yesterdays down day.
EURUSD yesterday traded up to the 8 period moving where resistance was found. This currency pair was ultimately repelled from this level and in the process was pushed into making a new low.
However the weekly time does continue to point up which could indicate that this change of daily trend is nothing more than a strong corrective move. Furthermore with the price action being extended from the averages Mondays bullish hammer candle could be the first signs that the market is attempting to put in a base.
In terms of the bigger picture the swing bias has changed to negative.
The following factors are confirming or reinforcing this market bias:
1. The swing bias is negative..
2. The price action has breached trend line support.
3. The price action has broken beneath the averages.
4. The averages have crossed negatively.
5. The RSI is showing signs of negative divergence.
Alternative counter trend bullish factors:
1. The weekly time frame has a positive swing bias.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities
Scenario 2
Alternatively as EURUSD is extended from the averages and therefore there is a possibility of a corrective up to sideways move.
Daily Technical Analysis for GBPUSD as at 6th September 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
GBPUSD is this morning trading higher from the open after yesterdays down day.
GBPUSD bounced off the 34 period moving averages. We are monitoring a potential move to the prior swing high.
In terms of the bigger the swing bias is positive.
The following factors are confirming or reinforcing this market bias:
1. The swing bias has turned positive.
2. The price action is bouncing off positively layered averages which could offer a buying opportunity.
3. The averages have crossed positively.
4. The RSI is confirming the move.
5. The weekly time frame is in gear with the daily time frame.
6. The price action traded through the 1.5250 resistance level.
Alternative counter trend bearish factors:
1. GBPUSD is approaching Fibonacci resistance.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities.
Scenario 2
Alternatively a sustain break of the 34 period moving averages could potentially see GBPUSD trade into the direction of the prior swing low.
Daily Technical Analysis for USDCHF as at 6th September 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
USDCHF is this morning trading lower from the open after yesterdays up day
The strong upward momentum continued yesterday as USDCHF trades up to the Fibonacci resistance. As the price action is getting extended from the averages we are monitoring USDCHF for possible negative rotation.
In terms of the bigger picture the swing bias has changed to positive.
The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. The RSI is in gear with the move.
3. The averages are positively layered.
Alternative counter trend bearish factors:
1. The weekly time frame continues to have a negative bias.
Scenario 1
As the dominant daily trend is up corrective pullbacks could possibly offer buying opportunities.
Scenario 2
Alternatively as the price action is becoming extended from the averages there is potential for corrective down to sideways movement.
Daily Technical Analysis for USDJPY as at 6th September 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
USDJPY is this morning trading lower from the open after yesterdays up day.
USDJPY continues to act positively following the breach of the prior high the upside break of the converging triangle. This move and the successful breach of the previous swing high has effectively change the trend from down to up.
In terms of the bigger picture the swing bias has turned positive.
The following factors are confirming or reinforcing this market bias:
1. The swing bias positive.
2. The price action has printed a higher low.
3. The price action has breached the upper trend line of a converging triangle.
4. The moving averages have crossed positively.
5. The price action is trading above the moving averages.
6. The RSI is confirming the move.
Alternative counter trend bearish factors:
1. The 100 level could offer a barrier to further upside movement.
2. Fibonacci resistance could offer down side pressure.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities
Scenario 2
Alternatively Fibonacci resistance could offer selling opportunities.
Daily Technical Analysis for Gold as at 6th September 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Gold is this morning trading higher from the open after yesterdays down day.
Gold continues to experience a corrective retracement as it trades between the averages. We are monitoring the price action for a potential move to the prior swing high.
In terms of the bigger picture the swing bias has reversed to positive.
The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. The price action has printed a higher low.
3. The moving averages are layered positively.
4. The price action is trading above the averages.
5. The price action is trading above the 1322 support level.
6. The RSI is in gear with the move.,
Alternative counter trend bearish factors:
1. The weekly time frame continues to point down.
Scenario 1
As the dominant daily trend is up corrective sideways to down movements could potentially be viewed as buying opportunities.
Scenario 2
Alternatively a break beneath the 34 moving averages could see Gold trade down to the 1300 area.
Daily Technical Analysis for Oil (WTI) as at 6th September 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Oil is this morning trading unchanged from the open after yesterdays up day.
Oil continues to trade around the moving averages. We are monitoring a potential move to the prior swing high.
In terms of the bigger picture the swing bias is positive.
The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. Oil is trading above the averages.
3. The prior down spike has been reversed.
4. The averages are layered positively.
5. The price action is forming a possible corrective zigzag consolidation pattern.
6. The price action is trading above the large monthly converging triangle.
Alternative counter trend bearish factors:
1. The weekly RSI diverging negatively.
Scenario 1
As the dominant daily trend is up retracements to resistance areas could possibly be viewed as buying opportunities.
Scenario 2
Alternatively trading this pair could offer short term scalping opportunities back to the averages.